Ilyce Glink Show – Refinancing an FHA Loan – March 24, 2013

WSB Radio’s Ilyce Glink Show: Refinancing an FHA loan, selling your first home and cutting back on spending.

On this week’s Ilyce Glink Show on WSB radio, Ilyce explained the first rule for her concept of “rebuilding America one house at a time”—getting yourself back to ground zero.

Ilyce’s idea for rebuilding America starts at the very micro level—with you and your personal financial decisions—and then spreads to your family, block, neighborhood, community and city.

The very first, and most important step, of this rebuilding is getting yourself back to ground zero by stripping away all unnecessary finances and spending the least amount possible to get yourself through the day.

Think about your basic necessities, like shelter, food, clothing and medical help, and cut back on everything else that you really don’t need.

Once you cut superfluous spending and are able to get back to ground zero, your smart spending decisions will gradually become habit.

Ilyce helped callers on Sunday get back to ground zero by finding ways to cut back on spending, and a few listeners called in with questions about home refinancing and home selling.

One caller explained that she was having trouble finding a lender who would refinance her home because she was underwater on her mortgage, meaning that she owed more on her mortgage than her home was worth.

If you are trying to refinance your home and have an FHA loan, which is backed by the Federal Housing Administration, Ilyce explained that you can qualify for an FHA streamline refinance.

These loans do not require the lender to do an appraisal, verify your income or check your credit. You’ll just need to pay a couple of hundred dollars and the lender will lower your interest rate to around four-and-a-half percent.

Another caller had questions about selling her first home and what services she should expect from her realtor.

If you are buying or selling your home and in the market for a real estateagent, watch the video below about how to find an honest real estateagent, and don’t forget to check out Ilyce’s other Real Estate Minute videos, posted on her YouTube channel at ExpertRealEstateTips.

Join the conversation by commenting below or tweeting Ilyce at @Glink, and sign up for the ThinkGlink.com free weekly newsletter.

Ilyce will be back on the air next Sunday with more personal finance and real estate advice for homeowners at 11 a.m. EST.

About Us

Related Sites

Newsletter

Definitioner

Realtor

A Realtor is a designation given to a real estate agent or broker who is a member of the National Association of Realtors.

Real Estate Agent

A Real Estate Agent is an individual licensed by the state, who acts on behalf of the seller or buyer. For his or her services, the agent receives a commission, which is usually expressed as a percentage of the sales price of a home and is split with his or her real estate firm. A real estate agent must either be a real estate broker or work for one.

Real Estate

Real Estate is land and anything permanently attached to it, such as buildings and improvements.

Mortgage

A Mortgage is a document granting a lien on a home in exchange for financing granted by a lender. The mortgage is the means by which the lender secures the loan and has the ability to foreclose on the home.

Loan

A Loan is an amount of money that is lent to a borrower, who agrees to repay it plus interest.

Lender

A Lender is a person, company, corporation, or entity that lends money for the purchase of real estate.

Interest

Interest is money charged for the use of borrowed funds. Usually expressed as an interest rate, it is the percentage of the total loan charged annually for the use of the funds.

Appraisal

An Appraisal is the opinion of an appraiser, who estimates the value of a home at a specific point in time for the purpose of financing or refinancing a home.

Agent

An Agent is an individual who acts on behalf of a consumer. A real estate agent represents a buyer or a seller in the purchase or sale of a home. Licensed by the state, a real estate agent must work for a broker or a brokerage firm. An insurance agent helps a consumer purchase an insurance policy. Insurance agents are also licensed by the state.